Alimera Sciences, Inc. (NASDAQ: ALIM) (Alimera), a leader in the
commercialization and development of prescription ophthalmology
treatments for the management of retinal diseases, announces
financial results for the three months ended June 30, 2020. Alimera
will host a conference call on Thursday, July 30, 2020 at 9:00 AM
ET to review these financial results and provide an update on
corporate developments.
“The second quarter of 2020 was a successful quarter for Alimera
Sciences in the context of the COVID-19 pandemic, having delivered
$10 million in revenue, decreasing only 8% versus the second
quarter of 2019, despite limited access to patients. We leveraged
our geographic diversity and the late 2019 European launch of
ILUVIEN for uveitis while managing our expenses. These results led
to improvements in net loss and adjusted EBITDA compared to the
second quarter of 2019,” said Rick Eiswirth, Alimera’s President
and Chief Executive Officer. “As we move through the COVID-19
pandemic, we believe that physicians will see ILUVIEN in a new
light. Having not made any changes to our staffing levels across
the organization, we believe we are positioned to communicate how
ILUVIEN provides significant long-term clinical benefits while
reducing the number of visits for high-risk patients. ILUVIEN can
also help doctors work through their backlog of patients who have
been left untreated or undertreated during the pandemic.”
Second Quarter 2020 Financial Results
Net RevenueConsolidated net revenue for Q2 2020 was down 8% to
$10.0 million, compared to $10.9 million for Q2 2019.
U.S. net revenue was $3.4 million for Q2 2020, down 53% from
$7.3 million during the same period in 2019. End user demand, which
represents units purchased by physicians and pharmacies from
Alimera’s U.S. distributors, was 625 units in Q2 2020 compared to
917 units in Q2 2019, a decrease of 32%, as a result of lower
demand due to COVID-19. Additionally, our distributors lowered
their inventory levels and purchased approximately 36% fewer units
than they sold to end users as weekly volumes decreased in the
second quarter due to COVID-19.
International net revenue increased 89% to approximately $6.6
million in Q2 2020, compared to approximately $3.5 million for the
same period during 2019, driven primarily by increasing sales
behind the posterior uveitis indication in the U.K. and Germany and
by increased business in our distributor markets.
Operating Expenses Total operating expenses for Q2 2020
decreased by $3.4 million or 26% to $9.9 million, compared to
$13.3 million during Q2 2019. Alimera achieved major expense
reductions byreducing travel costs, decreasing attendance at
medical conferences that were cancelled orconverted to virtual
meetings and reducing its spending on external commercial and
medical activities.
Net Loss and Non-GAAP Adjusted EBITDAFor Q2 2020, Alimera
reported a net loss of approximately $2.5 million, compared to
a net loss of $5.0 million for Q2 2019. “Adjusted EBITDA,” a
non-GAAP financial measure defined below, was a loss of
approximately $0.3 million for Q2 2020, compared to a loss of
approximately $2.1 million for Q2 2019.
Net Loss per ShareBasic and diluted net loss per share for Q2
2020 was $(0.51). This compares to basic and diluted net loss per
share for Q2 2019 of $(1.06).
Cash and Cash EquivalentsAs of June 30, 2020, Alimera had cash
and cash equivalents of approximately $13.5 million, compared
to $12.2 million in cash and cash equivalents as of March 31,
2020.
Definition of Non-GAAP Financial MeasureFor
purposes of this press release, “Adjusted EBITDA” is defined as
earnings before interest, taxes, depreciation, amortization,
stock-based compensation expenses, net unrealized gains and losses
from foreign currency exchange transactions, losses on
extinguishment of debt and severance expenses. Please refer to the
sections of this press release entitled “Non-GAAP Financial
Measure” and “Reconciliation of GAAP Net Loss to Non-GAAP Adjusted
EBITDA.”
Conference Call to Be Held July 30,
2020Management will host a conference call at 9:00 AM ET
on Thursday, July 30, 2020, to review financial results and provide
an update on corporate developments. Following management’s formal
remarks, there will be a question and answer session.
Participants are asked to pre-register for the call through the
following link: http://dpregister.com/10145768. Please note that
registered participants will receive their dial in number upon
registration and will dial directly into the call without delay.
Those without internet access or unable to pre-register may dial in
by calling: 1-866-777-2509 (domestic) or 1-412-317-5413
(international). All callers should dial in approximately 10
minutes prior to the scheduled start time and ask to be joined into
the Alimera Sciences call. The conference call will also be
available through a live webcast, which can be accessed through the
following link:
https://services.choruscall.com/links/alimera200730.html, which is
also available through the company’s website at
https://investors.alimerasciences.com/ALIM/events/3819.
A webcast replay of the call will be available approximately one
hour after the end of the call through October 30, 2020. The replay
can be accessed through the above links or by calling
1-877-344-7529 (domestic) or 1-412-317-0088 (international) and
using access code 10145768. The telephonic replay will be available
until August 13, 2020.
About Alimera Sciences, Inc.
www.alimerasciences.com
Alimera is a pharmaceutical company that specializes in the
commercialization and development of prescription ophthalmic
pharmaceuticals. Alimera is presently focused on diseases affecting
the back of the eye, or retina, because these diseases are not well
treated with current therapies and affect millions of people
globally. For more information, please visit
www.alimerasciences.com.
Non-GAAP Financial Measure
This press release contains a discussion of a non-GAAP financial
measure, as defined in Regulation G promulgated under the
Securities Exchange Act of 1934, as amended. Alimera reports its
financial results in compliance with GAAP but believes that the
non-GAAP measure of Adjusted EBITDA provides useful information to
investors regarding Alimera’s operating performance. Alimera uses
Adjusted EBITDA in the management of its business. Accordingly,
Adjusted EBITDA for the three and six months ended June 30, 2020
has been presented in certain instances excluding items identified
in the reconciliations provided in the table entitled
“Reconciliation of GAAP Net Loss to non-GAAP Adjusted EBITDA.” GAAP
net loss is the most directly comparable GAAP financial measure to
Adjusted EBITDA.
Adjusted EBITDA, as presented, may not be comparable to
similarly titled measures reported by other companies because not
all companies may calculate Adjusted EBITDA in an identical manner.
Therefore, Adjusted EBITDA is not necessarily an accurate measure
of comparison between companies.
The presentation of Adjusted EBITDA is not intended to be
considered in isolation or as a substitute for guidance prepared in
accordance with GAAP. The principal limitation of this non-GAAP
financial measure is that it excludes significant elements required
by GAAP to be recorded in Alimera’s financial statements. In
addition, Adjusted EBITDA is subject to inherent limitations as it
reflects the exercise of judgments by management in determining
this non-GAAP financial measure.
About ILUVIEN
ILUVIEN (fluocinolone acetonide intravitreal implant) 0.19 mg is
a sustained release intravitreal implant, injected into the back of
the eye. With its CONTINUOUS MICRODOSING™ technology, ILUVIEN is
designed to release submicrogram levels of fluocinolone acetonide,
a corticosteroid, for up to 36 months, to reduce the recurrence of
disease. ILUVIEN enables patients to maintain vision longer with
fewer injections. ILUVIEN is approved in the U.S., Canada, Kuwait,
Lebanon and the U.A.E. to treat diabetic macular edema (DME) in
patients who have been previously treated with a course of
corticosteroids and did not have a clinically significant rise in
intraocular pressure. In 17 European countries, ILUVIEN is
indicated for the treatment of vision impairment associated with
chronic DME considered insufficiently responsive to available
therapies and for prevention of relapse in recurrent non-infectious
uveitis affecting the posterior segment of the eye (NIPU). Alimera
does not have the contractual right to pursue approval to treat
uveitis in the U.S., and therefore does not have a regulatory
license in the U.S. to treat NIPU. For important safety information
on ILUVIEN, see: https://iluvien.com/#isi
Forward Looking Statements
This press release contains, and the remarks by Alimera’s
officers on the conference call may contain, “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, regarding, among other things, Alimera’s
expectations with respect to (a) how physicians will view
ILUVIEN in light of current circumstances, and (b) Alimera being
positioned to communicate how ILUVIEN provides significant
long-term clinical benefits while reducing the number of visits for
high-risk patients. Such forward-looking statements are based on
current expectations and involve inherent risks and uncertainties,
including factors that could delay, divert or change them, and
could cause actual results to differ materially from those
projected in the forward-looking statements. Meaningful factors
that could cause actual results to differ include, but are not
limited to, physicians may elect to continue to use anti-VEGF
treatments as before without adding ILUVIEN to the treatment
regimen or substituting ILUVIEN for anti-VEGF treatments, or other
unexpected circumstances, and risks that include continuing risks
relating to the COVID-19 pandemic, such as increased COVID-19 cases
in certain states that have resulted or may again result in reduced
access to medical facilities for patient visits with their
physicians and continuing concerns of patients with diabetes who
may be unwilling to visit their physicians in person (even if
otherwise permitted) due to their fear of contracting COVID-19.
Other factors are discussed in the “Risk Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” sections of Alimera’s Annual Report on Form 10-K for
the year ended December 31, 2019 and Alimera’s Quarterly Report on
Form 10-Q for the quarter ended March 31, 2020, which are on file
with the Securities and Exchange Commission (SEC) and are available
on the SEC’s website at http://www.sec.gov. Applicable risk factors
will also be described in those sections of Alimera’s Quarterly
Report on Form 10-Q for the second quarter of 2020, to be filed
with the SEC soon.
The forward-looking statements in this press release speak only
as of the date of this press release (unless another date is
indicated). Alimera undertakes no obligation, and specifically
declines any obligation, to publicly update or revise any such
forward-looking statements, whether as a result of new information,
future events or otherwise.
For investor inquiries: |
For media inquiries: |
Scott Gordonv |
Jules Abraham |
for Alimera Sciences |
for Alimera Sciences |
scottg@coreir.com |
julesa@coreir.com |
ALIMERA SCIENCES,
INC.CONDENSED CONSOLIDATED BALANCE
SHEETS(in thousands)
|
|
June 30, |
|
December 31, |
|
|
2020 |
|
2019 |
|
|
(unaudited) |
|
|
CURRENT ASSETS: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
13,496 |
|
|
$ |
9,426 |
|
Restricted cash |
|
|
31 |
|
|
|
33 |
|
Accounts receivable, net |
|
|
14,034 |
|
|
|
19,331 |
|
Prepaid expenses and other current assets |
|
|
2,942 |
|
|
|
2,565 |
|
Inventory (Note 7) |
|
|
1,968 |
|
|
|
1,390 |
|
Total current assets |
|
|
32,471 |
|
|
|
32,745 |
|
NON-CURRENT ASSETS: |
|
|
|
|
|
|
Property and equipment, net |
|
|
1,205 |
|
|
|
940 |
|
Right of use assets, net |
|
|
867 |
|
|
|
1,107 |
|
Intangible asset, net (Note 8) |
|
|
13,816 |
|
|
|
14,783 |
|
Deferred tax asset |
|
|
735 |
|
|
|
734 |
|
TOTAL ASSETS |
|
$ |
49,094 |
|
|
$ |
50,309 |
|
CURRENT LIABILITIES: |
|
|
|
|
|
|
Accounts payable |
|
$ |
5,884 |
|
|
$ |
7,077 |
|
Accrued expenses |
|
|
3,140 |
|
|
|
4,716 |
|
Notes payable |
|
|
889 |
|
|
|
— |
|
Finance lease obligations |
|
|
226 |
|
|
|
255 |
|
Total current liabilities |
|
|
10,139 |
|
|
|
12,048 |
|
NON-CURRENT LIABILITIES: |
|
|
|
|
|
|
Note payable, net of discount (Note 10) |
|
|
42,510 |
|
|
|
38,658 |
|
Finance lease obligations — less current portion |
|
|
311 |
|
|
|
94 |
|
Other non-current liabilities |
|
|
3,664 |
|
|
|
3,954 |
|
COMMITMENTS AND
CONTINGENCIES |
|
|
|
|
|
|
STOCKHOLDERS’ DEFICIT: |
|
|
|
|
|
|
Preferred stock, $.01 par value — 10,000,000 shares authorized at
June 30, 2020 and December 31, 2019: |
|
|
|
|
|
|
Series A Convertible Preferred Stock, 1,300,000 authorized and
600,000 issued and outstanding at June 30, 2020 and December 31,
2019; liquidation preference of $24,000 at June 30, 2020 and
December 31, 2019 |
|
|
19,227 |
|
|
|
19,227 |
|
Series C Convertible Preferred Stock, 10,150 authorized issued and
outstanding at June 30, 2020 and December 31, 2019; liquidation
preference of $10,150 at June 30, 2020 and December 31, 2019 |
|
|
11,117 |
|
|
|
11,117 |
|
Common stock, $.01 par value — 150,000,000 shares authorized,
5,031,745 shares issued and outstanding at June 30, 2020 and
4,965,949 shares issued and outstanding at December 31, 2019 |
|
|
50 |
|
|
|
50 |
|
Additional paid-in capital |
|
|
350,769 |
|
|
|
350,117 |
|
Common stock warrants |
|
|
3,707 |
|
|
|
3,707 |
|
Accumulated deficit |
|
|
(391,314 |
) |
|
|
(387,570 |
) |
Accumulated other comprehensive loss |
|
|
(1,086 |
) |
|
|
(1,093 |
) |
TOTAL STOCKHOLDERS’
DEFICIT |
|
|
(7,530 |
) |
|
|
(4,445 |
) |
TOTAL LIABILITIES AND
STOCKHOLDERS’ DEFICIT |
|
$ |
49,094 |
|
|
$ |
50,309 |
|
ALIMERA SCIENCES,
INC.CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONSFOR THE THREE AND SIX MONTHS ENDED
JUNE 30, 2020 AND 2019(in thousands, except
share and per share data)
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
NET REVENUE |
|
$ |
10,038 |
|
|
$ |
10,855 |
|
|
$ |
24,573 |
|
|
$ |
23,745 |
|
COST OF GOODS SOLD, EXCLUDING
DEPRECIATION AND AMORTIZATION |
|
|
(1,485 |
) |
|
|
(1,174 |
) |
|
|
(3,412 |
) |
|
|
(2,774 |
) |
GROSS PROFIT |
|
|
8,553 |
|
|
|
9,681 |
|
|
|
21,161 |
|
|
|
20,971 |
|
RESEARCH, DEVELOPMENT AND
MEDICAL AFFAIRS EXPENSES |
|
|
1,810 |
|
|
|
2,834 |
|
|
|
4,693 |
|
|
|
5,561 |
|
GENERAL AND ADMINISTRATIVE
EXPENSES |
|
|
2,975 |
|
|
|
3,675 |
|
|
|
6,156 |
|
|
|
7,068 |
|
SALES AND MARKETING
EXPENSES |
|
|
4,382 |
|
|
|
6,108 |
|
|
|
10,054 |
|
|
|
12,021 |
|
DEPRECIATION AND
AMORTIZATION |
|
|
685 |
|
|
|
654 |
|
|
|
1,339 |
|
|
|
1,306 |
|
OPERATING EXPENSES |
|
|
9,852 |
|
|
|
13,271 |
|
|
|
22,242 |
|
|
|
25,956 |
|
NET LOSS FROM OPERATIONS |
|
|
(1,299 |
) |
|
|
(3,590 |
) |
|
|
(1,081 |
) |
|
|
(4,985 |
) |
INTEREST EXPENSE AND
OTHER |
|
|
(1,351 |
) |
|
|
(1,236 |
) |
|
|
(2,643 |
) |
|
|
(2,464 |
) |
UNREALIZED FOREIGN CURRENCY
INCOME (LOSS), NET |
|
|
109 |
|
|
|
49 |
|
|
|
28 |
|
|
|
(20 |
) |
NET LOSS BEFORE TAXES |
|
|
(2,541 |
) |
|
|
(4,777 |
) |
|
|
(3,696 |
) |
|
|
(7,469 |
) |
PROVISION FOR TAXES |
|
|
(5 |
) |
|
|
(261 |
) |
|
|
(48 |
) |
|
|
(332 |
) |
NET LOSS |
|
$ |
(2,546 |
) |
|
$ |
(5,038 |
) |
|
$ |
(3,744 |
) |
|
$ |
(7,801 |
) |
NET LOSS PER COMMON SHARE —
Basic and diluted |
|
$ |
(0.51 |
) |
|
$ |
(1.06 |
) |
|
$ |
(0.75 |
) |
|
$ |
(1.65 |
) |
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING — Basic and diluted |
|
|
5,030,833 |
|
|
|
4,732,687 |
|
|
|
5,005,777 |
|
|
|
4,724,417 |
|
ALIMERA SCIENCES,
INC.CONSOLIDATING STATEMENTS OF
OPERATIONSFOR THE THREE MONTHS ENDED JUNE 30,
2020 AND 2019(in thousands)
|
|
Three Months Ended |
|
Three Months Ended |
|
|
June 30, 2020 |
|
June 30, 2019 |
|
|
U.S. |
|
International |
|
Other |
|
Consolidated |
|
U.S. |
|
International |
|
Other |
|
Consolidated |
|
|
(unaudited) |
NET REVENUE |
|
$ |
3,420 |
|
|
$ |
6,618 |
|
|
$ |
— |
|
|
$ |
10,038 |
|
|
$ |
7,320 |
|
|
$ |
3,535 |
|
|
$ |
— |
|
|
$ |
10,855 |
|
COST OF GOODS SOLD, EXCLUDING
DEPRECIATION AND AMORTIZATION |
|
|
(423 |
) |
|
|
(1,062 |
) |
|
|
— |
|
|
|
(1,485 |
) |
|
|
(808 |
) |
|
|
(366 |
) |
|
|
— |
|
|
|
(1,174 |
) |
GROSS PROFIT |
|
|
2,997 |
|
|
|
5,556 |
|
|
|
— |
|
|
|
8,553 |
|
|
|
6,512 |
|
|
|
3,169 |
|
|
|
— |
|
|
|
9,681 |
|
RESEARCH, DEVELOPMENT AND
MEDICAL AFFAIRS EXPENSES |
|
|
1,098 |
|
|
|
664 |
|
|
|
48 |
|
|
|
1,810 |
|
|
|
1,630 |
|
|
|
1,090 |
|
|
|
114 |
|
|
|
2,834 |
|
GENERAL AND ADMINISTRATIVE
EXPENSES |
|
|
1,943 |
|
|
|
838 |
|
|
|
194 |
|
|
|
2,975 |
|
|
|
2,150 |
|
|
|
946 |
|
|
|
579 |
|
|
|
3,675 |
|
SALES AND MARKETING
EXPENSES |
|
|
3,207 |
|
|
|
1,100 |
|
|
|
75 |
|
|
|
4,382 |
|
|
|
4,217 |
|
|
|
1,779 |
|
|
|
112 |
|
|
|
6,108 |
|
DEPRECIATION AND
AMORTIZATION |
|
|
— |
|
|
|
— |
|
|
|
685 |
|
|
|
685 |
|
|
|
— |
|
|
|
— |
|
|
|
654 |
|
|
|
654 |
|
OPERATING EXPENSES |
|
|
6,248 |
|
|
|
2,602 |
|
|
|
1,002 |
|
|
|
9,852 |
|
|
|
7,997 |
|
|
|
3,815 |
|
|
|
1,459 |
|
|
|
13,271 |
|
SEGMENT (LOSS) INCOME FROM
OPERATIONS |
|
|
(3,251 |
) |
|
|
2,954 |
|
|
|
(1,002 |
) |
|
|
(1,299 |
) |
|
|
(1,485 |
) |
|
|
(646 |
) |
|
|
(1,459 |
) |
|
|
(3,590 |
) |
OTHER INCOME AND EXPENSES,
NET |
|
|
— |
|
|
|
— |
|
|
|
(1,242 |
) |
|
|
(1,242 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,187 |
) |
|
|
(1,187 |
) |
NET LOSS BEFORE TAXES |
|
|
|
|
|
|
|
|
|
|
$ |
(2,541 |
) |
|
|
|
|
|
|
|
|
|
|
$ |
(4,777 |
) |
ALIMERA SCIENCES,
INC.CONSOLIDATING STATEMENTS OF
OPERATIONSFOR THE SIX MONTHS ENDED JUNE 30,
2020 AND 2019(in thousands)
|
|
Six Months Ended |
|
Six Months Ended |
|
|
June 30, 2020 |
|
June 30, 2019 |
|
|
U.S. |
|
International |
|
Other |
|
Consolidated |
|
U.S. |
|
International |
|
Other |
|
Consolidated |
|
|
(unaudited) |
NET REVENUE |
|
$ |
10,487 |
|
|
$ |
14,086 |
|
|
$ |
— |
|
|
$ |
24,573 |
|
|
$ |
14,086 |
|
|
$ |
9,659 |
|
|
$ |
— |
|
|
$ |
23,745 |
|
COST OF GOODS SOLD, EXCLUDING
DEPRECIATION AND AMORTIZATION |
|
|
(1,182 |
) |
|
|
(2,230 |
) |
|
|
— |
|
|
|
(3,412 |
) |
|
|
(1,493 |
) |
|
|
(1,281 |
) |
|
|
— |
|
|
|
(2,774 |
) |
GROSS PROFIT |
|
|
9,305 |
|
|
|
11,856 |
|
|
|
— |
|
|
|
21,161 |
|
|
|
12,593 |
|
|
|
8,378 |
|
|
|
— |
|
|
|
20,971 |
|
RESEARCH, DEVELOPMENT AND
MEDICAL AFFAIRS EXPENSES |
|
|
3,020 |
|
|
|
1,557 |
|
|
|
116 |
|
|
|
4,693 |
|
|
|
3,057 |
|
|
|
2,261 |
|
|
|
243 |
|
|
|
5,561 |
|
GENERAL AND ADMINISTRATIVE
EXPENSES |
|
|
3,915 |
|
|
|
1,775 |
|
|
|
466 |
|
|
|
6,156 |
|
|
|
4,084 |
|
|
|
1,933 |
|
|
|
1,051 |
|
|
|
7,068 |
|
SALES AND MARKETING
EXPENSES |
|
|
7,487 |
|
|
|
2,392 |
|
|
|
175 |
|
|
|
10,054 |
|
|
|
8,258 |
|
|
|
3,484 |
|
|
|
279 |
|
|
|
12,021 |
|
DEPRECIATION AND
AMORTIZATION |
|
|
— |
|
|
|
— |
|
|
|
1,339 |
|
|
|
1,339 |
|
|
|
— |
|
|
|
— |
|
|
|
1,306 |
|
|
|
1,306 |
|
OPERATING EXPENSES |
|
|
14,422 |
|
|
|
5,724 |
|
|
|
2,096 |
|
|
|
22,242 |
|
|
|
15,399 |
|
|
|
7,678 |
|
|
|
2,879 |
|
|
|
25,956 |
|
SEGMENT (LOSS) INCOME FROM
OPERATIONS |
|
|
(5,117 |
) |
|
|
6,132 |
|
|
|
(2,096 |
) |
|
|
(1,081 |
) |
|
|
(2,806 |
) |
|
|
700 |
|
|
|
(2,879 |
) |
|
|
(4,985 |
) |
OTHER INCOME AND EXPENSES,
NET |
|
|
— |
|
|
|
— |
|
|
|
(2,615 |
) |
|
|
(2,615 |
) |
|
|
— |
|
|
|
— |
|
|
|
(2,484 |
) |
|
|
(2,484 |
) |
NET LOSS BEFORE TAXES |
|
|
|
|
|
|
|
|
|
|
$ |
(3,696 |
) |
|
|
|
|
|
|
|
|
|
|
$ |
(7,469 |
) |
RECONCILIATION OF GAAP MEASURES TO
NON-GAAP ADJUSTED MEASURESGAAP NET INCOME OR LOSS
TO NON-GAAP ADJUSTED EBITDA(in
thousands)
|
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
GAAP NET LOSS |
|
$ |
(2,546 |
) |
|
$ |
(5,038 |
) |
|
$ |
(3,744 |
) |
|
$ |
(7,801 |
) |
Adjustments to net loss: |
|
|
|
|
|
|
|
|
Interest expense and
other |
|
1,351 |
|
|
1,236 |
|
|
2,643 |
|
|
2,464 |
|
Provision for taxes |
|
5 |
|
|
261 |
|
|
48 |
|
|
332 |
|
Depreciation and
amortization |
|
685 |
|
|
654 |
|
|
1,339 |
|
|
1,306 |
|
Stock-based compensation
expenses |
|
317 |
|
|
629 |
|
|
757 |
|
|
1,399 |
|
Unrealized foreign currency
exchange (gains) losses |
|
(109 |
) |
|
(49 |
) |
|
(28 |
) |
|
20 |
|
Non-cash accrued severance
expenses |
|
— |
|
|
175 |
|
|
— |
|
|
175 |
|
NON-GAAP ADJUSTED EBITDA
(LOSS) INCOME |
|
$ |
(297 |
) |
|
$ |
(2,132 |
) |
|
$ |
1,015 |
|
|
$ |
(2,105 |
) |
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